Goldman Sachs Upgrades Coinbase Shares to Neutral Amid Record High Bitcoin Prices and Increased Retail Participation

Goldman Sachs has upgraded its rating on Coinbase shares to neutral from sell, and increased its price target to $282 from $170, after bitcoin hit a record high and daily trading volumes reached levels not seen since 2021. The bank attributes the stock's advance this year to the large jump in crypto prices as well as the exchange's commitment to managing towards more consistent profitability over time. Increased retail participation has been a driving force behind recent cryptocurrency price action, with Coinbase's daily volumes in the $3 billion to $5 billion range. The exchange has seen fundamental benefits from increasing prices on its trading platform, maintaining market share, and a renewed commitment to greater expense control and profitability in all market environments.